Are you ready for a new week in crypto?
We hope so, because there’s a LOT going on.
Everything You Need To Know About Bitcoin’s Taproot Upgrade
Exchange Coin TA: CRO, BNB and FTT
Beeple’s Latest NFT Project
Crypto Calendar: What You Want To Look Out For This
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👁🗨 Building a Better Bitcoin
Bitcoin’s highly anticipated Taproot upgrade went live yesterday.
This iteration of the BTC network focuses on improvements in scalability and privacy.
Among the changes, several key points stand out:
The upgrade is transitioning from ECDSA (Elliptical Curve Digital Signature Algorithm) signatures to Schnorr signatures for improved privacy, security and scaling.
Schnorr signatures can be utilized to aggregate multiple signatures into one, reducing data requirements for storage on the blockchain and increasing scalability.
After the upgrade, smart contract transactions will feature the option of hiding some information to enhance privacy.
Consensus approval for the Taproot upgrade has been overwhelmingly positive.
Over 90% of miners chose to support the upgrade in June of this year, revealing nearly unanimous support for Taproot.
Judging from previous comparatively large upgrades, it could be months or longer for most users to experience the changes contained in Taproot. Bitcoin’s upgraded transactions will not be able to be sent or received until wallets integrate support.
Taproot is a major milestone moving BTC closer to the modern performance demands.
Our Market Meditations are longer format educational segments. Each letter features a Market Meditation which will deep dive and analyse a relevant crypto event, theme or tool.
⚛️ Exchange Your Tokens?
Last week, we drew your attention to CRO/USD, link here.
We emphasised the strong fundamentals and potential technical entries.
If you caught the price pump since then, congratulations!
CRO has pumped 145% in the last 30 days.
CRO belongs to the exchange token narrative that we are bullish on.
Also part of the exchange coin narrative is BNB.
BNB has been doing really well recently. Despite ongoing regulatory challenges.
Breakout at $655.
Invalidation at $600.
Might begin to accumulate sideways or wait for the breakout level.
We believe very strongly in the FTX team and therefore their native token, FTT.
Breakout level at $66, which is still a little while away.
Cautiously, we will be patient with regards to an entry.
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By now, everyone who knows anything about NFTs knows about Beeple. Beeple is the famous NFT artist who sold his piece, The First 5000 Days, for $69 million. Beeple’s piece, Human One, will be an ever-changing piece.
So what exactly is it?
A 3D video sculpture which is made up of four 7 foot tall video screen walls with a computer at its base.
Beeple said that he would be updating the piece continuously for the rest of his life.
The reason for making this living art, Beeple says “I want to make something that people can continue to come back to and find new meaning in. And the meaning will continue to evolve.”
What does this mean?
We know that NFTs are the future and that they are not merely art. Many opportunities lie ahead when thinking about this kind of NFT. While some artists may not want to partake in projects such as these because they receive no financial gain from it, these pieces may initially sell for more money and allow customers to be more closely connected to and invested in the artist.
On Mondays, our ‘Scan The Week’ section is designed to show our community what events and headlines we will be keeping an eye on.
Monday, 15th November
🔵 Polkadot Parachain Auctions
The Polkadot Parachain Auctions are LIVE. Use this link to contribute to some of the biggest Polkadot projects. Not only will you help the projects win a parachain slot but you will receive rewards in the form of native tokens.
💎 XDEFI IDO
The XDEFI IDO will be open for 24 hours only, starting at 14:00 UTC on 15 November 2021 on MISO, Sushi’s IDO launchpad.
Tuesday, 16th November
📅 VeChain Mainnet Upgrade
VeChainThor v1.6.0 is LIVE, meaning POA2.0 Phase 1 activation is set in motion. The mainnet launch will be 16 November at 8am GMT (block #10653500).
Wednesday, 17th November
👥 GeckoCon - NFTs Gone Wild
This 3-day virtual conference will cover a kaleidoscope of NFT themes ranging from art, music, collectables, gaming, sports, monetization and more. Hear from crypto natives such as Sebastian Borget, the cofounder of Sandbox, and artists like Akon and Mike Shinoda of Linkin Park.
Thursday, 18th November
🌎🧘♂️✍️ Stories in this newsletter were written by Kyle F., Misael Calleja, Nick T., Max P., Kimia K., Ellen B. and Koroush AK. Graphics were produced by Gerasimos P.
Not financial or tax advice. The content in this newsletter is for informational purposes only. Nothing in this email is intended to serve as financial advice. We are not financial advisors. Every investment and trading move involves risk. Do your own research when making a decision. See our important security disclaimers here.
Disclosure. Some of the links we’ve included are affiliate, they give you rewards and discounts and earn us a commission. Additionally, the Market Meditator writers hold crypto assets. See our investment disclosures here.